In deep submicron (DSM) VLSI technologies, it is becoming increasingly harder for a copper based electrical interconnect fabric to satisfy the multiple design requirements of delay, power, bandwidth, and delay uncertainty. This is because electrical interconnects are becoming increasingly susceptible to parasitic resistance and capacitance with shrinking process technology and rising clock frequencies, which poses serious challenges for interconnect delay, power dissipation and reliability. On-chip communication architectures such as buses and networks-on-chip (NoC) that are used to enable inter-component communication in multi-processor systems-on-chip (MPSoC) designs rely on these electrical interconnects at the physical level, and are consequently faced with the entire gamut of challenges and drawbacks that plague copper-based electrical interconnects. To overcome the limitations of traditional copper-based electrical interconnects, several research efforts have begun looking at novel interconnect alternatives, such as on-chip optical interconnects, wireless interconnects and carbon nanotube-based interconnects. This paper presents an overview and current state of research for these three promising interconnect technologies. We also discuss the existing challenges for each of these technologies that remain to be resolved before they can be adopted as replacements for copper-based electrical interconnects in the future.